Thousands of delegates from across China are gathering in Beijing for the annual parliamentary session, amidst a barely perceptible shift in the mood in the capital. The Communist party is keen to demonstrate stability as global events unfold.
China’s economic woes have taken center stage, with many ordinary citizens struggling to find work and facing stagnant consumer spending. Real estate prices are falling, and young parents are talking about “eating the old” – living off their elders who have healthy state pensions.
However, policymakers are optimistic that this week’s National People’s Congress (NPC) will bring fiscal stimulus to boost consumption and stabilize economic growth. The Chinese premier is expected to deliver a government work report with details on the GDP target for 2025.
Meanwhile, China’s tech sector is gaining momentum, particularly with the rise of upstart company DeepSeek. This private research firm has achieved success without state backing, but its parent company has since been backed by the state. Beijing officials are touting DeepSeek’s potential, and the technology giant Baidu has integrated it into their large language model.
As China seeks to pivot towards innovation and high-tech sectors, analysts will be watching closely for the government’s plans on promoting “new quality productive forces”. Will this optimism translate to economic growth and a more rewarding work environment?
Source: https://www.theguardian.com/world/2025/mar/04/china-two-sessions-beijing-opening-parliament